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    Joshua Korn • Barclays

    Joshua Korn's questions to Leidos Holdings Inc (LDOS) leadership

    Joshua Korn's questions to Leidos Holdings Inc (LDOS) leadership • Q2 2025

    Question

    Joshua Korn, on behalf of David Stress from Barclays, asked about the potential benefits for Leidos from the additions to O&M funding in the reconciliation bill, specifically for unmanned marine and UAS programs.

    Answer

    CFO Chris Cage explained that existing O&M funding supports the currently deployed fleet, including software upgrades and sustainment. He noted it is currently unclear whether the new reconciliation funds designated for O&M could be redirected to procure incremental equipment, but the company is pleased with the overall opportunities presented by the bill.

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    Joshua Korn's questions to Leidos Holdings Inc (LDOS) leadership • Q1 2025

    Question

    Joshua Korn from Barclays inquired about Leidos's engagement with the GSA's recent request for information regarding potential contract offerings and what proposals were made.

    Answer

    CEO Tom Bell confirmed active engagement with the GSA through multiple channels, positioning Leidos as a partner for government efficiency. He emphasized that Leidos is not a traditional consultant, with less than 1% of revenue from such work, and is focused on delivering mission-critical technology and solutions.

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    Joshua Korn's questions to Leidos Holdings Inc (LDOS) leadership • Q4 2024

    Question

    Joshua Korn, on for David Strauss, requested more detail on the company's stated "pivot away from low-margin work," asking what type of work this involves and its implications for contract mix.

    Answer

    CEO Thomas Bell described it as a "gentle, purposeful approach" to de-emphasize areas by allowing work to attrit over time, for instance by not pursuing certain recompetes. CFO Chris Cage provided examples such as infrastructure support and large O&M jobs where Leidos is not technically differentiated, allowing a shift to higher-growth opportunities.

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    Joshua Korn's questions to Leidos Holdings Inc (LDOS) leadership • Q3 2024

    Question

    Joshua Korn, on for David Strauss, asked about capital deployment priorities for Q4 and beyond, particularly regarding share repurchases, now that the $500 million plan is nearly complete.

    Answer

    CEO Thomas Bell confirmed Leidos will complete the remaining $50 million of its repurchase plan and pointed to the recent dividend increase as a sign of the company's investor-friendly stance. CFO Chris Cage added that given the strong cash position and his belief that the stock holds value, the company will "continue to be comfortable moving into the market when it makes sense."

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    Joshua Korn's questions to BWX Technologies Inc (BWXT) leadership

    Joshua Korn's questions to BWX Technologies Inc (BWXT) leadership • Q2 2025

    Question

    Joshua Korn, on behalf of David Strauss at Barclays, asked about the duration of the two recent Navy contracts and the impact of the Kinetrix acquisition on the updated financial guidance.

    Answer

    President, CEO & Director Rex Geveden stated the Navy contracts have a performance period of up to eight years. SVP & CFO Mike Fitzgerald explained that the earlier-than-expected close of Kinetrix had a minor impact on the guidance increase, which was primarily driven by strong operational performance. He noted the acquisition's EPS contribution is partially offset by interest expense.

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    Joshua Korn's questions to BWX Technologies Inc (BWXT) leadership • Q4 2024

    Question

    Joshua Korn of Barclays asked for details on the new Navy propulsion contract's potential margin impact and whether BWXT was receiving any supplemental shipbuilding funds.

    Answer

    EVP & CFO Robb LeMasters stated that the new Navy pricing agreement will not cause a sudden 'kink up' in margins, as the company is still executing on older contracts and the new agreement reflects both current economics and higher performance expectations. President & CEO Rex Geveden confirmed BWXT is not a direct recipient of the current supplemental shipbuilding funds.

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    Joshua Korn's questions to Huntington Ingalls Industries Inc (HII) leadership

    Joshua Korn's questions to Huntington Ingalls Industries Inc (HII) leadership • Q2 2025

    Question

    Joshua Korn from Barclays inquired about the timeline and quantification of how recent reconciliation bill funding would flow to HII's shipbuilding and unmanned businesses, and asked about any performance impacts on the Mission Technologies segment.

    Answer

    President and CEO Christopher Kastner stated that the funding is viewed as a significant tailwind and is already incorporated into the company's 4% mid-to-long-term shipbuilding sales guidance. For Mission Technologies, he noted that while 2025 guidance is firm, a slowing of awards and minor contract restructuring could potentially impact 2026, which the company is actively working to offset.

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    Joshua Korn's questions to ATI Inc (ATI) leadership

    Joshua Korn's questions to ATI Inc (ATI) leadership • Q1 2025

    Question

    Joshua Korn, on behalf of David Strauss, asked about the expected performance of AA&S margins given potential industrial market declines and the financial impact of the new labor contract.

    Answer

    Donald Newman, EVP and CFO, stated that even with industrial headwinds, AA&S EBITDA margins are expected to remain in the mid-teens (15-16%) for the second half, supported by strength in other areas like specialty energy and medical. Kim Fields, President and CEO, added that the financial impact of the new labor contract was in line with expectations and is already factored into the company's guidance.

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    Joshua Korn's questions to CACI International Inc (CACI) leadership

    Joshua Korn's questions to CACI International Inc (CACI) leadership • Q3 2025

    Question

    Joshua Korn, on behalf of David Strauss, asked about the potential positive or negative impacts from the DoD's memo on updating technology acquisition, and whether these would be short-term or long-term.

    Answer

    CEO John Mengucci explained that CACI views the executive orders and memos, particularly the mandate for a software-defined approach, as a net positive and a validation of CACI's long-standing strategy. He emphasized that CACI invested ahead of need in software-defined capabilities, aligning perfectly with the new directives. He also noted that the impact from the Department of Government Efficiency (DOGE) has been minimal, with only a $1 million impact formally notified.

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